Mr Shettima made the assertion on Saturday after meeting with President Tinubu at his residence in Ikoyi, Lagos, where he defended some of the administration’s most controversial economic decisions.

The Vice President said the country’s foreign reserves stood at less than $3.9 billion when the Tinubu administration assumed office in 2023, arguing that the situation left Nigeria dangerously close to economic crisis.

According to him, the reserves were insufficient to finance even one month of fuel imports, while the economy was already heading towards the kind of crisis experienced by countries such as Venezuela.

“When we assumed the mantle of leadership, our foreign reserves were a staggering below $3.9 billion that was not enough to import fuel for one month,” Mr Shettima said.

He credited President Tinubu with having the “courage and conviction” to implement far-reaching measures, particularly the removal of fuel subsidy and the reform of the multiple exchange-rate system.

“The withdrawal of the fuel subsidy, the realignment of the multiple exchange rate were far-reaching decisions. The economy was actually on the verge of collapse. He saved the economy,” the Vice President said.

Mr Shettima further declared: “We were on the road to Caracas. He saved our economy; he saved the nation from falling into pieces.”

The Vice President, however, acknowledged the economic hardship confronting Nigerians, saying the administration was aware of the pains caused by its reforms.

“We appreciate the pains Nigerians are going through, but tough times do not last forever; tough people do,” he said.

Mr Shettima disclosed that the Federal Government would soon roll out additional programmes targeted at easing the burden on citizens, including e-logistics services in the North-West and electric transportation projects in the North-East.

He said the government would launch 10,600 electric tricycles in the North-East, alongside 300 buses and e-taxis, as part of efforts to reduce transportation difficulties and ameliorate the effects of economic hardship.

The Vice President also said the initiatives were evidence of President Tinubu’s concern for ordinary Nigerians, insisting that the administration remained committed to improving living conditions.

The meeting between President Tinubu and Vice President Shettima was their first public interaction since the President returned from his European vacation and the Vice President’s return from the 81st United Nations General Assembly in New York.

President Tinubu had, in his Independence Day broadcast, maintained that Nigeria was on the path to prosperity.

However, opposition figures have rejected the administration’s assessment of the economy.

Former Vice President Atiku Abubakar accused the Tinubu administration of worsening poverty since assuming office, while former Anambra State Governor, Peter Obi, argued that Nigerians were experiencing increased hunger and insecurity under the present government.

The proposed alignment is expected to involve the Renewed Hope Movement, City Boy Movement and other support groups backing President Bola Tinubu’s administration.

The development was disclosed by the Edo State LP Youth Leader, Mr Ken Omusi, in a statement posted on X (formerly Twitter) on Saturday.

Mr Omusi said the proposal emerged from a virtual meeting held on October 2, attended by the party’s National Youth Leader, Mr Kennedy Ahanotu, members of the national youth leadership, zonal youth leaders and state youth leaders.

According to him, the meeting examined the political direction of the Labour Party amid its prolonged internal crisis, as well as the future of youth participation in governance ahead of the 2027 elections.

He said several youth leaders expressed concerns over what they described as inadequate recognition, engagement and support for the youth constituency during and after the 2023 presidential election.

The statement quoted the participants as saying they wanted a political platform capable of creating greater opportunities for youth participation, leadership development, economic empowerment and inclusion in national decision-making.

The youth leaders also reviewed policies and programmes of the Tinubu administration, particularly in human capital development, youth empowerment, economic reforms, infrastructure, healthcare, education, security, agriculture and workers’ welfare.

Mr Omusi said the participants expressed differing views on the administration’s policies and their implications for Nigeria’s development.

He added that the meeting mandated Mr Ahanotu to commence consultations with stakeholders within the APC and other relevant political groups to explore the prospects of political alignment and possible collaboration ahead of the 2027 elections.

The youth leaders, according to Mr Omusi, expressed confidence in Mr Ahanotu’s leadership and tasked him with facilitating the consultations through dialogue and consensus-building.

He said the meeting also proposed a physical gathering of Labour Party youth leaders in Abuja, where the outcome of the consultations would be reviewed and further steps on the proposed realignment determined.

“The proposed engagement represents an ongoing dialogue within the Labour Party’s youth constituency on political participation, strategic partnerships, and the role of young Nigerians in shaping the country’s political and developmental future,” Mr Omusi said.